New York, NY – NMS Capital recently announced today that it has partnered with the management of VONA Case Management, LLC in a recapitalization of the Company.
Established in 2015 and headquartered in Daphne, AL, VONA is a provider of medical case management services to self-insured employers, workers’ compensation insurance carriers, and third-party administrators across the U.S. The Company employs a deep bench of nurse case managers who provide field, vocational, catastrophic, and telephonic case management services to help injured workers navigate the complexities of the workers’ compensation system and contain payor costs. Through strong customer relationships and superior service, VONA has built a reputation for quality, high-touch services and stands amongst competitors as a captain of advocacy for injured workers.
The total U.S. spend on outsourced case management in 2022 is estimated to have been $2.0 to 2.5 billion. The market for outsourced field case management services has grown steadily, driven primarily by growth in underlying claims volume and pricing inflation. Incidence rates and workers’ compensation claims volumes have rebounded to pre-COVID levels following the return to in-person work, while the cost of treatment is expected to rise due to growth in medical care inflation and a greater concentration of medium- and high-severity cases. As these trends continue to impact working Americans, VONA will seek to drive positive outcomes for affected employees and their customers.
In Summer 2022, NMS partnered with Pat Rowland to evaluate investments in the payor services space and NMS’s partnership with VONA marks a successful initial outcome of those efforts. Ms. Rowland is a highly experienced healthcare operator, having served for over 30 years in a variety of advisory and executive roles. Ms. Rowland’s experience includes serving as Chief Strategy Officer for a leading provider of specialty services to the workers’ compensation industry and President of Intracorp (at the time, a subsidiary of CIGNA Healthcare), a provider of workers’ compensation and disability case management. She will serve as a member of the Board of Directors of VONA and assist the Company with growth initiatives.
“This partnership represents an exciting milestone in VONA’s history and is a testament to the success of the organization’s mission and values,” said Ryan Shirley, the Company’s Founder, President, and Chief Executive Officer. “I look forward to working with NMS to capitalize on numerous growth opportunities while also investing in our team, service offerings, and client relationships. It was clear during our initial meeting that NMS was the right partner for VONA, sharing a common vision for growth while maintaining our focus on quality and customer service.”
“We are excited by VONA’s track record, depth of experience, and customer service orientation,” said David Peterson, Managing Director, who led the investment for NMS. “VONA’s focus on quality and expertise in case management position it well to extend its brand and capabilities into new markets and offer a greater breadth of services in the future. We believe VONA has an excellent opportunity to address customer needs currently unmet by national case management vendors and capture share of customer spend through a handful of thoughtful strategic organic and M&A initiatives.”
Pat Rowland, NMS Operating Executive Council member focused on payor services, added “The Company boasts an impressive track record and reputation, and we see immense potential for the future through a number of growth avenues we can pursue together. We look forward to supporting Ryan and his team in continuing to deliver the bespoke service for which VONA is known.”
McDermott Will & Emery LLP provided legal counsel to NMS. Bailey & Company served as financial advisor to VONA, and Burr & Forman LLP provided legal counsel. Terms of the transaction were not disclosed.
Source: NMS/Bailey & Co